When you get divorced, one of the most difficult challenges you and your spouse will face is dividing your marital assets. You may think you can just divide them 50-50, but South Carolina is an equitable distribution property state. That means that the court will divide assets between you and your spouse fairly and in an equitable manner. As part of that, the judge considers numerous factors.
What is considered when splitting assets?
The amount you or your spouse will receive in marital assets in South Carolina will depend on how long you have been married, if one spouse took time away from their career to raise children, or if you owned a business, how much time and effort your spouse put into helping you with the business. In some situations, your spouse could receive more than a 50% share of your assets based upon a large difference in your earnings.
What are considered marital assets?
Everything you purchase during a marriage is considered a marital asset. However, sometimes, even if you own a house before you were married, that becomes a marital asset. If you put your spouse’s name on the title, or refinanced with them as part of the new loan, then the home is a marital asset. Your spouse can even receive funds for the home’s appreciation in value during the marriage if you used comingled funds (from an account you both owned) to pay for mortgage and tax costs.
As part of your property division in a divorce, the court will decide what your marital assets are and how much they are worth—unless you and your spouse can come to a property division agreement with the help of a family law attorney. It’s always better if you can work out your property division without needing a judge to decide that.